US-listed company BitMine Immersion (BMNR) announced on Monday that its Ether holdings increased to 1.523 million coins, valued at approximately $6.61 billion, firmly establishing itself as the largest enterprise-level Ether investment holder globally, while also claiming to be the second-largest cryptocurrency reserve company in the world, second only to Bitcoin whale Strategy (MSTR).
In comparison, Strategy currently holds 629,000 Bitcoins, valued at over $72.4 billion.
According to official data from BitMine, the stock has now entered the top 10 most liquid stocks in the US market, with an average daily trading volume of about $6.4 billion. BitMine is led by Wall Street analyst and Fundstrat founder Tom Lee. He was known in the past as the 'biggest bull on Bitcoin,' and now he is fully promoting the Ether strategy.
The goal is to hoard 5% of the total supply of Ether.
BitMine originally was a Bitcoin mining company, but since making a decisive shift to the Ethereum ecosystem at the beginning of July, it has quickly raised funds through issuing common stock and convertible bonds, starting with $250 million raised through private placements, and within just over a month, successfully expanded its Ether reserves to $6.6 billion, a speed that is astonishing.
The management stated more explicitly that BitMine's goal is to ultimately hold 5% of the total supply of Ether. To this end, the company announced last week the expansion of its stock issuance plan, hoping to raise another $20 billion to further increase its purchases of Ether.
Tom Lee stated in a statement on Monday, "We firmly believe that in the next 10 to 15 years, Ether will be one of the most important macro investments in the world," and he added that as institutional funds enter the market and artificial intelligence gradually transitions to the blockchain space, the value of Ether as an asset class will continue to be driven up.
A staggering 370,000 Ether acquired in a single week
(Blockkey) reported last week that as of August 11, BitMine held approximately 1.15 million Ether, valued at about $4.95 billion; now the holding amount has climbed to 1.52 million coins, in other words, BitMine significantly increased its holdings by 373,000 Ether in just one week, valued at approximately $1.7 billion.
Despite the continuous good news, the stock price of BMNR fell by more than 7% after the announcement, but it has risen over 660% since January this year.
"BitMine increased its holdings by 370,000 Ether! Ascending to 'the second largest cryptocurrency reserve company', second only to Strategy." This article was first published by (Blockkey).
